Cool property risk on growth damps shares
Print Edition
SHANGHAI stocks fell yesterday amid fears that a cooling property market nationwide would slow China’s economic growth.
The Shanghai Composite Index lost 1.05 percent, or 21.32 points, to 2,005.18.
Home prices rose in 44 of the 70 cities monitored by the government in April, a drop from 56 in March and 57 in February, the National Bureau of Statistics said over the weekend.
“A moderating growth in the real estate sector will be the biggest risk for the Chinese economy in the next two years,” Wang Tao, chief China economist at UBS, said in a note yesterday.
UBS has trimmed its 2014 forecast for China’s economic growth from 7.5 percent to 7.3 percent and reduced its 2015 expansion prediction from 7 percent to 6.8 percent as the real estate sector weakened more than expected this year.
Zheng Yudong, head of investment strategy and advisory at SCB China, said market confidence in China’s economy has fallen to the lowest level since the financial crisis.
Poly Real Estate, China’s second-largest listed developer, shed 0.9 percent to 7.42 yuan (US$1.19). China Fortune Land slumped 8.3 percent to 23.59 yuan.
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